Canadian Dollar Technical Outlook

Published June 27th, 2008 - 06:40 GMT
Al Bawaba
Al Bawaba

The triangle is unfolding as expected. 



Expect wave E of the triangle to end near 1.00 (Fibo support at 1.0010).  The decline will present a high reward/risk opportunity against .9818.  A breakout in larger wave C towards 1.05/08 is expected to follow completion of the triangle.

STRATEGY: Bullish, against .9818, target above 1.0324 (but a test of 1.00 is probable in wave E of the triangle)